2015 Mortgage Refinancing Tips
There is know doubt that education costs money, but there is no doubt that ignorance costs more.. For this reason we have decided to collect he most relevant mortgage refinance tips for 2015. As the economy shifts and swirls and financial decisions are flexible, the current tips for 2015 will help you sort out your next step. The tips are collected from the most credible sources, given by top experts on mortgage refinancing issues.
1. Keep The Paper Trail.
Lenders will give mortgage to those who can prove their financial steps. Make sure you keep record of any financial decision you make.
2. Don’t Sit On The Fence – Lock When You Can.
The worst thing to do is not to decide. Do not wait for the “perfect” moment, you will miss many good opportunities while you wait. If the figures are right for you – Lock!
3. Refinance When You Can.
If you are paying more than 5%, refinance! Though you will not save as much as you could if you refinanced back in 2012/3 it is still worth to save some bucks.
4. Buying? Create Competition.
Lenders will be seeking new opportunities to “sell their money” at 2015 this means competition is back to town! Get a competitive position! Bargain like all the banks are calling you for a mortgage offer.
5. You Have Borrower Rights.. Learn Them
Consumer Financial Protection Bureau new rules went into effect in 2015, you have rights, so if you fall back on a payment, make sure you know what occasions are in your favor and how to use them wisely.
6. Keep Your Credit Score in Shape.
It’s no secret that you need a credit score of over 720 to get a good mortgage rate. If this score is out of your reach, note that you can improve your score. If your score is under 680, you must get your score a few point higher to mange better rates and save thousands of bucks!
7. Don’t Spend More Than You Own.
DTI, or debt-to-income ratio, is one factor lenders will not play with. If after you pay the mortgage payment you are left broke.. with no money to live, lenders know sooner or later you will drop behind. Set a personal goal to keep all payments and loans and taxes below 43 percent of your income
8. Consider Alternative Solutions.
There are more options for a mortgage than the traditional fix rate mortgage for 20 years. Check on adjustable-rate mortgages, ARM as their percentage point is lower than on fixed-rate loans.
9. FHA loans May Not Be Cheaper For Everyone.
Try to qualify for a conventional loan before you apply for an FHA mortgage. With all current changes, the extra expenses for FHA loan may be less lucrative if you can manage a regular loan. The premium life insurance and other protective fees can flip the financial result.
10. Stay On The Saddle.
Though mortgage rates get higher during 2015, they will not double. Buying a home is still the most important purchase a family can do.Read, check, learn before you do a decision, remember there is no “perfect” decision, only good decisions at the time of the moment.
11. Shop Around.
The mortgage rates vary. Every percentage points will save you thousands of dollars. Take time to shop, do not buy only at a place where they are friendly. This is not a golf club, it’s a mortgage!
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